Engineering Exports Up 24.15 Per Cent at $17 Billion in Q1: Industry Body

Engineering exports grew at an impressive rate of 24.15 per cent to $16.94 billion during the April-June quarter this fiscal year helped by robust expansion in shipments of aircraft and spacecraft parts and automobiles.

Exports of aircraft and spacecraft parts rose to $1.5 billion in the first quarter of 2014-15 from $574 million in the year-ago period, EEPC India said.

The second best performing sector was non-ferrous metals and metal products logging in an expansion of 36.12 per cent at $1.48 billion for the period.

Shipments of motor vehicles/cars, two and three-wheelers and other automobile parts grew 24.52 per cent to $3 billion in the April-June period of the current fiscal year.

"The trend shows that we are progressing fast as a reliable source of supply for high-tech and high value products in the immensely competitive engineering sector," said Anupam Shah, chairman of the engineering export body.

With the exception of some ASEAN countries, Mr Shah said, "We are receiving good orders from most other markets, clearly indicating a performance turnaround in the global economy."

While the European Union remained the largest market for India's engineering products aggregating $2.85 billion with a growth of 16.59 per cent for the first quarter of FY15, a sharp growth of 72 per cent was witnessed in West Asia and 73 per cent in the neighboring South Asian countries.